LONDON (ShareCast) - Banks continued to rise with Lloyds leading the way, rising over 7% on hopes that leaders can bring an end to the euro crisis. RBS and Barclays were also making gains.
As the continent gears up for the EU summit on Friday, which is to focus on proposals to move euro area countries further towards closer economic and fiscal union, German Chancellor Angela Merkel and the French President Nicolas Sarkozy kicked off the week of high profile meetings today.
"We want to make sure that the imbalances which led to the situation in the Eurozone today cannot happen again," Sarkozy told reporters after the meeting.
Luxury brand Burberry, a stock often sensitive to changes in the outlook for the Chinese economy, was dragging the personal goods sector lower after some poor economic data from the economic powerhouse.
Burberry was the heaviest faller on the FTSE 100 after the HSBC Chinese service sector purchasing managers' index (PMI) for the month of November came in at 52.5, versus 54.1 the month before, signalling only a modest rise in service sector activity.
Worries of a slowdown in Chinese economic growth have surrounded Burberry over the past few months, with the Asia Pacific region accounting for £265.3m of the £775.3m total retail/wholesale revenues in the six months to 30 September.
Sector peer PZ Cussons was also out of favour today.
Top performing sectors so far today
Industrial Transportation 2,219.78 +3.38%
Industrial Metals & Mining 4,509.73 +2.90%
Oil Equipment, Services & Distribution 23,171.71 +2.28%
Fixed Line Telecommunications 2,185.51 +1.87%
Banks 3,534.39 +1.84%
Bottom performing sectors so far today
Personal Goods 20,108.82 -3.34%
Pharmaceuticals & Biotechnology 9,678.93 -1.00%
Real Estate Investment Trusts 1,860.62 -0.90%
Tobacco 33,653.16 -0.74%
Household Goods & Home Construction 6,370.42 -0.37%
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